Virgin Orbit, a subsidiary of British billionaire Richard Branson's empire, has filed for Chapter 11 bankruptcy in the United States. The move comes after the company said last week that it was laying off 675 employees, or 85% of the workforce of the subsidiary. The 21-metre rocket launched from a Boeing 747 off the coast of Cornwall in the UK failed to reach orbit in early January, causing the loss of the nine satellites it was carrying and precipitating the downfall of Virgin Orbit.

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